Last editedMay 20222 min read
As a personal trainer, you’ll be used to working with your clients to achieve targeted results. The same kind of discipline needs to be applied to your business, but dealing with issues like accounting, invoicing and chasing payments may not necessarily be part of your skillset. The bad news is that, no matter how effective your personal training sessions are, if you don’t invoice and chase payments effectively, your business will be in serious trouble.According to our research, the average SME in the UK is owed £32,185 at any one time. This could be disastrous for a personal trainer working with strict controls over their cash flow.
Personal trainer accounting software
The good news is that personal trainer accounting software can automate many of the tasks involved in making sure you get paid for your work. Using GoCardless as your payment platform will create a seamless process that takes you from delivering training sessions to getting paid for the work you do. This process starts with creating a personal trainer invoice. A professional-looking invoice which includes all of the details your client will be expecting to see will play a huge role in making sure you get paid on time. Personal accounting software makes it simple to keep track of training sessions you’ve delivered. Whether you need a coaching invoice or a yoga invoice template, the invoices you send will need to include the following details:
your name, address and other contact details
the name and address of the person being billed
a unique invoice number. This number will allow the invoice to be tracked at all times and will be referenced when a payment is made. A unique reference number will also be handy if you need to follow up the original invoice to chase the payment.
details of the services provided, such as the number of training sessions
the total due for those services – as a personal trainer, you are likely to charge an hourly rate, and the total will be the rate multiplied by the hours spent delivering the training
details of the payment methods which you accept – if you accept GoCardless payments then, according to a white paper published by IDC, you’re likely to be paid 47% faster than otherwise
the date upon which the payment falls due
details of any policy you have for dealing with late payments, such as imposing a fee or charging interest on the amount
Writing an invoice from scratch each time you need to be paid by a client is a time-consuming and tedious process, and the hours spent creating paperwork and dealing with chasing payments could be dedicated to building your business. GoCardless has created a general invoice template which you can download free of charge here.
Once you’ve downloaded the general invoice, you can tweak the details to match your services and set your personal trainer accounting software to produce automated invoices as and when needed. GoCardless is a payment platform that can integrate seamlessly with more than 300 partners. You can place the payment process at the front and centre of your accounting admin processes and ensure that you can track when payments are due and when they arrive.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.